British payments startup Primer has raked in £3.2m in a seed funding round led by Balderton Capital to support merchant payments.

The funding round was also joined by Transferwise co-founder Taavet Hinrikus, TechCrunch reported.

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Previously, the company secured a pre-seed investment of £600,000 from Seedcamp, Speedinvest, Kima, and a number of angel investors.

Primer, which was founded by former PayPal executives in January this year, is developing an API to help online merchants consolidate their payments stack.

The startup is working on a payments platform that is payment method agnostic and enables merchants to adapt to all new and upcoming payment methods.

Apart from ensuring a smooth checkout process for customers, the platform will offer data-driven insights such as how each checkout option is performing, and how much it is really costing.

Primer co-founder Paul Anthony told TechCrunch: “Payments is super complex. Merchants have become increasingly sophisticated over the past few years in what they need from their overall payments solution, which requires them to leverage a variety of payment service providers (PSPs), local banking relationships, proprietary payment methods and other third party payments services in order to expand to new markets and offer the payments experiences their customers demand.”

Balderton Capital partner Rob Moffat said: “Paul Anthony and Gabriel Le Roux have a uniquely strong combination of tech, product and commercial skills across startups and one of the world’s most successful payments companies…. Both are incredibly intelligent, driven, ambitious and passionate about solving the pain points in payments.”